Plug Power (NASDAQ:PLUG) Shares Down 3.3% – What’s Next?

Plug Power Inc. (NASDAQ:PLUG) traded down 3.3% during trading on Tuesday . The company traded as low as $2.36 and last traded at $2.37. 12,554,092 shares were traded during mid-day trading, a decline of 71% from the average session volume of 43,209,789 shares. The stock had previously closed at $2.45.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Craig Hallum decreased their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. Evercore ISI reduced their price objective on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 13th. Piper Sandler reduced their price objective on Plug Power from $1.60 to $1.40 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. Jefferies Financial Group reduced their price objective on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Finally, Canaccord Genuity Group reduced their price objective on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $4.52.

Plug Power Price Performance

The stock has a 50 day moving average price of $2.15 and a 200 day moving average price of $2.28. The company has a quick ratio of 0.95, a current ratio of 2.08 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of -1.11 and a beta of 1.76.

Plug Power (NASDAQ:PLUG) last announced its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative net margin of 214.05% and a negative return on equity of 46.99%. The company had revenue of $173.70 million during the quarter, compared to the consensus estimate of $207.25 million. During the same quarter in the previous year, the company earned ($0.47) earnings per share. The business’s revenue was down 12.6% on a year-over-year basis. As a group, analysts forecast that Plug Power Inc. will post -1.2 EPS for the current year.

Institutional Trading of Plug Power

Several institutional investors have recently added to or reduced their stakes in PLUG. Cetera Advisors LLC boosted its holdings in Plug Power by 33.0% in the first quarter. Cetera Advisors LLC now owns 27,733 shares of the electronics maker’s stock valued at $95,000 after acquiring an additional 6,885 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in Plug Power by 1,355.5% in the second quarter. Nisa Investment Advisors LLC now owns 96,643 shares of the electronics maker’s stock valued at $225,000 after buying an additional 90,003 shares during the period. Madison Park Capital Advisors LLC acquired a new position in Plug Power in the second quarter valued at approximately $29,000. Bank of New York Mellon Corp lifted its stake in Plug Power by 69.4% in the second quarter. Bank of New York Mellon Corp now owns 2,530,346 shares of the electronics maker’s stock valued at $5,896,000 after buying an additional 1,036,777 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Plug Power by 37.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 798,396 shares of the electronics maker’s stock valued at $1,860,000 after buying an additional 219,570 shares during the period. 43.48% of the stock is currently owned by institutional investors.

About Plug Power

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.